o Draft recommendation for the appeal to be resolved in favor of Nykode.
o Appeal is still subject to a final recommendation from the Secretariat and
subsequent decision from the Tax Appeal Board, expected within the next two
months.
o In the event of a final decision in line with the draft recommendation from
the Secretariat, Nykode expects to be refunded NOK 325 million (plus applicable
interest) from the Norwegian Tax Administration.
Oslo, Norway, August 26, 2026 - Nykode Therapeutics ASA (OSE: NYKD), a
clinical-stage biopharmaceutical company dedicated to the discovery and
development of novel immunotherapies, today announced that it has received a
draft recommendation from the Secretariat of the Norwegian Tax Appeal Board
(Norw: Skatteklagenemda) relating to the pending tax case. The Tax Appeal Board
is an independent administrative appeal body, with its own secretariat
consisting of case handlers who prepare the case for and make recommendations to
the Tax Appeal Board.
Reference is made to the ongoing tax case with the Norwegian Tax Administration
(Norw: Skatteetaten) relating to the tax treatment of up-front payments received
under a license agreement entered into in 2020. In October 2023, Nykode received
a decision from the Norwegian Tax Administration, whereby the up-front payments
were re-classified as taxable income in full in 2020. The decision triggered a
tax payable of NOK 325 million. Nykode continues to believe that its assessment
of the tax treatment is correct, which is also supported by several third-party
tax experts, and the decision was appealed by Nykode to the Tax Appeal Board. As
required under Norwegian law, the tax payable was settled pending an outcome of
the appeal.
Nykode has today received a draft recommendation from the Secretariat of the Tax
Appeal Board relating to the appeal. In the draft, the Secretariat agrees with
Nykode's assessment of the tax treatment of the up-front payments and recommends
for the appeal to be resolved in favor of Nykode. The appeal is still subject to
a final recommendation from the Secretariat and subsequent decision from the Tax
Appeal Board, which is expected within the next two months.
In the event of a final decision in line with the draft recommendation from the
Secretariat, Nykode expects to be refunded NOK 325 million (plus applicable
interest) from the Norwegian Tax Administration.
As previously communicated, Nykode has an estimated cash runway into 2028,
extending to 2029 pending a final positive outcome of the tax case.
Nykode will revert with an update once the outcome of the appeal is final.
About Nykode Therapeutics
Nykode Therapeutics is a clinical-stage biopharmaceutical company dedicated to
the discovery and development of novel immunotherapies with a focus on the
treatment of cancer and autoimmune diseases. Nykode's modular immunotherapy
technology specifically targets antigens to antigen presenting cells (APC),
which have been shown to induce a broad, strong and long-lasting antigen
specific immune response in cancer, which correlates with clinical responses.
Nykode's lead product candidates are abi-suva, a therapeutic immunotherapy for
the treatment of HPV16 induced malignancies which demonstrated favorable safety
and efficacy results from its Phase 2 trial for the treatment of late-line r/m
cervical cancer. Abi-suva is currently being further developed in head and neck
cancer. VB10.NEO, an individualized cancer neoantigen immunotherapy, has been
investigated in two trials with more than 10 different indications.
Nykode is also utilizing its APC-targeted technology to create an immune
tolerance platform for the potential use in autoimmune disorders, organ
transplant rejections, anti-drug antibody reactions and allergy.
Nykode Therapeutics' shares are traded on the Oslo Stock Exchange (OSE: NYKD).
Further information about Nykode Therapeutics can be found at
http://www.nykode.com.
Forward-looking statements for Nykode Therapeutics
This announcement and any materials distributed in connection with this
announcement may contain certain forward-looking statements. By their nature,
forward-looking statements involve risk and uncertainty because they reflect the
company's current expectations and assumptions as to future events and
circumstances that may not prove accurate. A number of material factors could
cause actual results and developments to differ materially from those expressed
or implied by these forward-looking statements.
Contact for Nykode Therapeutics ASA:
IR@nykode.com
Nykode Therapeutics ASA
Oslo Science Park
Gaustadalléen 21
N-0349 Oslo, Norway
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Harald Gurvin, CFO at Nykode Therapeutics ASA, on
August 26, 2026 at 15:15 CET.
k exchange\
announcement was published by Harald Gurvin\, CFO at Nykode Therapeutics ASA\, on\
August 26\, 2026 at 15:15 CET.\